Buy Whole Life Insurance
Mass Mutual bought any payment whole Life Insurance 10 before?
I would like to know more about Mass Mutual 10 single payment of the entire program life, please let me know the good and bad.I know most people will say do not buy whole life, go with the term, but I was intresting in this payment program 10. Thanks …
Hello! type of insurance your friendly here again. 
In 10-pay whole life MassMutual is essentially a policy life in which you pay the premiums enitrety in ten years instead of over a lifetime. It is already paying for it in a short period of time and because you are pumping more money into it in the short run will tend to build cash value faster. Your premiums per month or per year will be very high relative to the premium a traditional life plan. This type of policy is often used in specific situations. An example might be what is known informally as a gift policy grandparents. In this situation, a grandparent gives a cash gift to his son. The grandparent receives a tax deduction for gifts, and the child receives tax money Free gift exclusion. The child uses this money to buy a policy to pay 10 over the life of the grandson. In this way, grandparents can give the child secured life insurance for life, cash value that can be used later, and get a tax deduction in the process. I've seen the 10-payment and pay versions 20 is used as part of a funding strategy for the university as well. You can go and elements such as 529 plans provide a way to save while providing insurability and provide cash value that is not penalized if your child needs to do more than college expenses. There are lots of uses for these types of products, but are not suitable for all. If what you want is a way to fit insurability, the accumulation of cash, and not have to pay for more than a certain period of years is an option to consider. It is not the only option, but the best. Greetings.
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